Bunuel wrote:
What percentage of families in the state have annual incomes over $50,000 and have a net worth over $500,000?
(1) 65% of all the families in the state have an annual income over $50,000.
(2) 20% of the families in the state with an annual income over $50,000 have a net worth above $500,000.
Kudos for a correct solution.
Bunuel: the title of the topic does not pertain to the actual question.
As for the question, refer to the attached image for the solution.
AI: Families with annual income >50,000
NAI: fFamilies with annual income <50,000
NW: families with net worth >500,000
NNW: families with net worth <500,000
need to find = X (in the attached figure)
As this is a percentage question, assume total families =100 and follow the solution in the attached image.
Statement 1, provides us the information about families that have annual income > 50,000. This does not help in finding the percentage of families out of these 65% who also have net worth > 50000. Thus this statement is not sufficient.
Statement 2, Tells us that X=0.2Y (in the attached figure) but we do not have another equation to solve for both x and y. Thus this statement is not sufficient.
Combining, we see X=0.2Y and Y =65. Thus value of X can be found. ----> C is the correct answer.
C is the correct answer.
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